I doubt that your water-based primer is gonna stick to the plastic. Painting plastic is tricky as you need chemicals in the paint that will bond to the plastic under it, hence krylon fusion. Ricers LOVE this stuff as they can now paint the dashboard of their honda civics to match the rest of the car without it looking like it was dragged through a briar patch in 2 months time.
After your primer dries, scratch it with your fingernail. It will probably scratch of very easily. If so, you can expect the rest of the cabinet to look like crap in short order.
If not, go for it.
That said, if it doesn't stick, you can always use the krylon fusion primer and then you should be able to use whatever other kind of paint you want on top of it.
-Harry